| |
| HP INC. AND SUBSIDIARIES |
| CONSOLIDATED CONDENSED BALANCE SHEETS |
| (Unaudited) |
| (In millions) |
| |
| |
As of |
| |
July 31, 2018 | |
October 31, 2017 |
| ASSETS | | | |
| Current assets: | | | |
| Cash and cash equivalents | $ | 6,195 | | | $ | 6,997 | |
| Accounts receivable | 4,615 | | | 4,414 | |
| Inventory | 6,091 | | | 5,786 | |
| Other current assets | 4,875 | | | 5,121 | |
| Total current assets | 21,776 | | | 22,318 | |
| Property, plant and equipment | 2,112 | | | 1,878 | |
| Goodwill | 5,930 | | | 5,622 | |
| Other non-current assets | 4,436 | | | 3,095 | |
| Total assets | $ | 34,254 | | | $ | 32,913 | |
| | | | |
| LIABILITIES AND STOCKHOLDERS' DEFICIT | | | |
| Current liabilities: | | | |
| Notes payable and short-term borrowings | $ | 2,681 | | | $ | 1,072 | |
| Accounts payable | 14,245 | | | 13,279 | |
| Employee compensation and benefits | 1,008 | | | 894 | |
| Taxes on earnings | 265 | | | 214 | |
| Deferred revenue | 1,099 | | | 1,012 | |
| Other accrued liabilities | 6,208 | | | 5,941 | |
| Total current liabilities | 25,506 | | | 22,412 | |
| Long-term debt | 4,503 | | | 6,747 | |
| Other non-current liabilities | 6,012 | | | 7,162 | |
| Stockholders' deficit | (1,767 | ) | | (3,408 | ) |
| Total liabilities and stockholders' deficit | $ | 34,254 | | | $ | 32,913 | |
| | | | | | | | |
| |
| HP INC. AND SUBSIDIARIES |
| CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS |
| (Unaudited) |
| (In millions) |
| |
| |
Three months ended July 31 |
| |
2018 | |
2017 |
| Cash flows from operating activities: | | | |
| Net earnings | $ | 880 | | | $ | 696 | |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | | | |
| Depreciation and amortization | 132 | | | 90 | |
| Stock-based compensation expense | 55 | | | 46 | |
| Restructuring and other charges | 4 | | | 46 | |
| Deferred taxes on earnings | 149 | | | 207 | |
| Other, net | 36 | | | 48 | |
| Changes in operating assets and liabilities, net of acquisition: | | | |
| Accounts receivable | (15 | ) | | (504 | ) |
| Inventory | (571 | ) | | (459 | ) |
| Accounts payable | 1,187 | | | 1,712 | |
| Taxes on earnings | (134 | ) | | (68 | ) |
| Restructuring and other | (30 | ) | | (58 | ) |
| Other assets and liabilities | (179 | ) | | 19 | |
| Net cash provided by operating activities | 1,514 | | | 1,775 | |
| Cash flows from investing activities: | | | |
| Investment in property, plant and equipment | (117 | ) | | (61 | ) |
| Purchases of available-for-sale securities and other investments | (16 | ) | | (1,035 | ) |
| Maturities and sales of available-for-sale securities and other investments | 243 | | | — | |
| Collateral posted for derivative instruments | (240 | ) | | (540 | ) |
| Collateral returned for derivative instruments | 445 | | | 154 | |
| Payment made in connection with business acquisition, net of cash acquired | (16 | ) | | — | |
| Net cash provided by (used in) investing activities | 299 | | | (1,482 | ) |
| Cash flows from financing activities: | | | |
| Proceeds from short-term borrowings with original maturities less than 90 days, net | 740 | | | 972 | |
| Proceeds from short-term borrowings with original maturities greater than 90 days | 412 | | | — | |
| Payment of short-term borrowings with original maturities greater than 90 days | (97 | ) | | — | |
| Payment of debt | (33 | ) | | (21 | ) |
| Net proceeds related to stock-based award activities | 32 | | | 24 | |
| Repurchase of common stock | (696 | ) | | (302 | ) |
| Cash dividends paid | (223 | ) | | (222 | ) |
| Net cash provided by financing activities | 135 | | | 451 | |
| Increase in cash and cash equivalents | 1,948 | | | 744 | |
| Cash and cash equivalents at beginning of period | 4,247 | | | 6,223 | |
| Cash and cash equivalents at end of period | $ | 6,195 | | | $ | 6,967 | |
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